Luna Harper
Rent-A-Center offers a range of products, including furniture, appliances, computers, electronics, and more, available to buy or rent. The company operates a 'no credit needed' policy, which means that customers do not need to apply for a credit card or loan to access these products. Instead, Rent-A-Center focuses on a customer's income and employment status to ensure they can meet their payment obligations. To start an agreement, customers need to make their first rental payment, which can be as low as $10 to cover the first week, depending on the state and the products selected. Customers can choose their payment schedule, selecting from weekly, biweekly, semi-monthly, or monthly options. Rent-A-Center also offers flexible lease agreements, allowing customers to upgrade their products at any time and make repairs at no additional cost.
| Characteristics | Values |
|---|---|
| Credit checks | Not required |
| Proof of income | Required |
| Payment schedule | Weekly, biweekly, semi-monthly, or monthly |
| First rental payment | $10 minimum |
| Processing fee | $10 in NY, HI, GA, KY, MD, and VA; $18 in CA |
| Repairs | Included |
| Upgrades | Available at any time |
| Liability Damage Waiver (LDW) | Optional |
| Delivery | Available |
| Pick-up | Available |
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What You'll Learn
No credit history is required
Rent-A-Center offers a no-credit-needed policy, making it easy and accessible for everyone to rent to own. Unlike most retail stores, Rent-A-Center does not require a credit card, a loan, or even a minimum FICO credit score to rent or purchase their products. They offer flexible financing options for their rent-to-own items, including well-known brands such as Ashley Furniture, Samsung, and Frigidaire.
The rent-to-own model at Rent-A-Center provides several benefits over traditional credit card purchases. Firstly, there are no high-interest rates dependent on your credit history. Rent-A-Center does not extend credit or charge interest rates based on your credit score, ensuring that you don't incur debt through their rental agreements. Instead, they offer flexible lease agreements with multiple payment options, such as weekly, biweekly, semi-monthly, or monthly installments. You can choose the payment schedule that works best for you and even make changes to your contract if needed.
Additionally, Rent-A-Center does not report your payment history to credit bureaus, so your rental agreement will neither help nor hurt your credit score. This means that you can build your credit independently through other means, such as paying your bills on time and maintaining low credit card balances. With Rent-A-Center, you can focus on acquiring the products you need without worrying about the potential negative impact on your credit history.
Rent-A-Center's no-credit-history-required approach empowers customers by providing an alternative path to acquiring high-quality items without the constraints of credit checks and high-interest credit card payments. Their flexible payment options and lease agreements give customers control over their purchases, ensuring that everyone can access the products they need and want without financial barriers.
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Flexible payment options
Rent-A-Center offers flexible payment options to its customers. Firstly, it operates on a 'no credit needed' policy, meaning that customers do not need to apply for a credit card or loan to rent items. Instead, Rent-A-Center focuses on a customer's income and employment status to ensure they can meet their payment obligations. This means that customers will need to provide proof of income, such as pay stubs, bank statements, or an employment letter.
Rent-A-Center offers a flexible lease with several ways to pay. Customers can pay the cash price of the item upfront or choose to pay weekly, biweekly, semi-monthly, or monthly. This allows customers to choose a payment schedule that works for them without a long-term commitment or growing interest. Additionally, customers can make a minimum payment of $10 to get started, although this amount may vary depending on the state and the products selected.
Rent-A-Center also offers the option to upgrade products during the rental agreement. If a customer wishes to upgrade, they can contact their local store, and their payments will be adjusted based on the new product selected. Furthermore, the company provides a Liability Damage Waiver (LDW) program, which is an optional fee that can be added to each rental payment. This program protects customers from liability if their rental product is stolen or damaged due to specific events, such as natural disasters, fire, or smoke.
Rent-A-Center also offers flexibility in returning products. Customers can return their rented items at any time without further obligation, and their payment history is not reported to credit bureaus. Additionally, if customers need to take a break from payments, they can stop or freeze them at any time as long as their contract is in good standing.
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Repairs included in agreement
Rent-A-Center offers a product service and repair benefit that includes fixes, loaners, and replacements. If an item breaks during normal use, Rent-A-Center will repair it quickly and at no additional cost. This includes squeaks, leaks, or malfunctions. If off-site repairs are required, a comparable loaner will be provided at no additional charge. If the item cannot be fixed, Rent-A-Center will replace it, provided the item broke due to a manufacturing defect and the customer is up-to-date on their payments.
The Liability Damage Waiver (LDW) is an optional program that protects customers from liability in the event that a rental product is stolen or damaged due to a natural disaster, fire, or smoke. Without the LDW, customers are responsible for the cost of repairing or replacing stolen or damaged merchandise. The LDW is available to all customers with a current agreement, except those in California.
Rent-A-Center also offers a worry-free guarantee, which allows customers to return their products at any time without further obligation.
To set up a service appointment, customers can contact their local store.
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Liability Damage Waiver (LDW)
The Liability Damage Waiver (LDW) is an optional program that protects you from liability in case your rental product is stolen or damaged due to a natural disaster, fire, or smoke. It also covers lightning, flooding, and other acts of nature. Without the LDW, you are responsible for the cost of repairing or replacing the merchandise. By paying a small fee with each rental payment, you shift this responsibility to Rent-A-Center.
The LDW is available to all customers with a current agreement, except in California. It typically costs 10% of your rental payment, although this may vary by state. You can opt into the LDW when starting a new rental agreement or add it to an existing agreement at any time by calling or visiting a Rent-A-Center location. There are no fees or penalties for cancelling the LDW if you change your mind.
Although the LDW provides protection, it does not cover every scenario. For instance, it does not cover loss or damage resulting from abuse or carelessness. If you have homeowners or renters insurance, you may still benefit from the LDW as many insurance policies have high deductibles and may not cover rental products. It is recommended that you check with your insurance provider to see if your insurance will cover rental merchandise.
To activate the LDW after an incident, you should contact your store manager. If your product is damaged, Rent-A-Center will attempt to repair it. If it is stolen, you will need to provide a police report.
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Return products at any time
Rent-A-Center allows customers to return their rented products at any time without further obligation. Customers can either schedule a return by contacting their store or return the merchandise in person and pause their payments.
If a customer voluntarily returns a product before reaching ownership, they will be given a payment protection voucher. This allows customers to reinstate their agreement and resume payments for the same or a comparable item at a later date.
To restart an agreement on a returned product, Rent-A-Center will retain payment records for two years. After this period, customers can bring in their last payment receipt for reinstatement.
While Rent-A-Center's return policy is straightforward within the first week, returning items after this period may require more steps. It is recommended to contact Rent-A-Center's customer service to discuss options, as they may offer a buyout option to purchase the item at a lower price instead of returning it.
Rent-A-Center also offers the option to upgrade rented products at any time by contacting the store. Payments will be adjusted based on the new product selected.
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Frequently asked questions
Rent-A-Center does not require a credit check or a minimum FICO credit score. However, you will need a verifiable source of income to demonstrate your ability to make regular payments. This can be proven through pay stubs, bank statements, or an employment letter.
All you need is your first rental payment, which can be as low as $10 to cover your first week. The amount will vary depending on the state and the products selected.
You can upgrade your product at any time by contacting your local store. Your payments will then be adjusted based on the new product selected.
